Research

At B. Riley, our research process is an interactive one where we perform extensive due diligence on companies until the analyst develops the knowledge base and understanding of the company and the industry to make a recommendation. Our analysts continuously monitor industry developments and communicate with the management, competitors, suppliers and customers of the companies we follow, regularly communicating our findings through Research Updates and daily Morning Notes.

While we do not necessarily publish research on all of the companies we review, the knowledge base and understanding of many of our monitored companies parallels that of our covered companies. We actively cover over 100 companies and monitor an additional 100. Our analysts cover small to mid-cap companies that are under-followed or misunderstood by Wall Street. We believe that the pricing of small cap equities is frequently inefficient, and therefore provides the greatest potential rewards to diligent security analysis.

This Week's Research

  • 01/30/15 Update IVAC ($6.68, Neutral; $6.75 PT): Earnings Preview: Uncertain System Timing Clouds Results/Outlook
  • 01/30/15 Update HZO ($24.98, Buy; $29.00 PT): FY15 Off to Roaring Start with SSS% +45%; Recovery Continues to Expand Even as Product Availability Remains Tight; Raising…
  • 01/30/15 Update BC ($55.73, Buy; $65.00 PT): Boat Group Sales Accelerate to +25%; Retail Demand Improving; Expect Investment Spend to Continue to Bear Fruit; Raising…
  • 01/30/15 Update DECK ($70.50, Buy; $84.00 PT): Not far from what we envisioned; Q3 impacted by currency headwinds and tough compares; ’16 estimates lowered on preliminary…
  • 01/30/15 Update OSTK ($23.32, Buy; $30.00 PT): Strong 4Q Revenue And User Metrics Overshadowed By Temporary Cost Pressures-FY15 Still Looks On Track
  • 01/30/15 Update RNWK ($6.89, Buy; $15.00 PT): Spotify Financing Round to Highlight Streaming Music Valuations; Boosting PT to $15.00 on Underappreciated 45% Stake…
  • 01/30/15 Update GRPN ($7.34, Buy; $9.50 PT): Adjusting Estimates slightly for FX; Core Business Still Undervalued; News on TMON Could Come Soon; PT Declines from…
  • 01/30/15 Update FN ($16.50, Buy; $21.75 PT): Preview: Expect F2Q/F3Q Results/Guide to be In Line; Maintain Buy
  • 01/30/15 Update COHR ($54.30, Buy; $66.50 PT): Solid F1Q Results; Raising Estimates and PT from $62.75 to $66.50; Upgrading from Neutral to Buy Based on Strong Pipeline
  • 01/30/15 Update PCCC ($23.14, Neutral; $27.00 PT): Another Beat, But Conservative FY15 Guidance; PT Up $1 to $27
  • 01/30/15 Update JDSU ($13.26, Neutral; $12.50 PT): Soft Carrier Spending Leads to Mediocre Results/Outlook; Reducing EPS Estimates while Maintaining PT of $12.50;…
  • 01/30/15 Update ATNY ($1.89, Buy; $3.75 PT): Reports Mixed Q4 Results, Appears Starting to Turn the Tide; Positive FCF in Q4 Looks to Carry into FY ’15
  • 01/30/15 Update GOOGL ($523.73, Buy; $604.00 PT): Misses Q; Ex-One Time Issues/FX, Business Trends are Strong; Reducing Estimates and PT Decreases from $632.00 to…
  • 01/30/15 Update BRCM ($41.31, Buy; $53.00 PT): A Further Positive Step Into The New Era; Retain Buy And PT Of $53.0
  • 01/30/15 Update CL ($69.03, Neutral; $76.00 PT): Raising Target P/E and PT from $68 to $76 Due to Re-Acceleration of Organic Sales Growth
  • 01/30/15 Morning Note B. Riley & Co. Morning Notes: AMZN, ATNY, BRCM, CL, COHR, DECK, GOOGL, GRPN, HGG, JDSU, MCHP, OSTK, PCCC, PRMW, RNWK; Semiconductors & Semi. Cap.…
  • 01/30/15 Update HGG ($5.68, Neutral; $6.00 PT): 3Q Better Than Some Feared And Efficiency Initiatives A Positive, But Traffic Still Needs To Recover
  • 01/30/15 Update MCHP ($45.85, Neutral; $51.00 PT): Correction Sidestepped, Focus Is Getting Back On Track; PT To $51.0
  • 01/30/15 Update AMZN ($311.78, Neutral; $312.00 PT): Margins Surprise Aiding 4Q Though 1Q Guidance Light; Plan To Provide AWS Segment Data Helped Spur Shares But…
  • 01/29/15 Update ISIL ($14.50, Buy; $17.50 PT): New Target Margin Model Ushers In Profitable Growth Era; PT To $17.50
  • 01/29/15 Update CTP ($6.52, Buy; $11.50 PT): Lowering Estimates and Price Target on Revised Preliminary Q4 Results; Discontinuing Coverage
  • 01/29/15 Update LRCX ($79.72, Buy; $95.00 PT): Steady Execution And Signs June Can Accelerate; PT Remains $95.0
  • 01/29/15 Update MPX ($6.94, Neutral; $8.25 PT): Soft Q4, But Ramping Production to Meet Higher Demand; Div Hike Amid Solid FCF; Still Neutral But Warming Up
  • 01/29/15 Update TUP ($66.67, Neutral; $70.00 PT): Trimming Annual EPS Estimates by $0.10 and PT from $72 to $70
  • 01/29/15 Update LGF ($28.75, Buy; $40.00 PT): Lowering Q3 Revenue Estimate Ahead of Print; Optimistic Franchise Spinoffs, TV Production and New Films Can Drive Growth…
  • 01/29/15 Update KLIC ($15.75, Buy; $18.00 PT): Big Upside To Results; Guidance Conservative On Lunar New Year Timing
  • 01/29/15 Morning Note B. Riley & Co. Morning Notes: AMZN, CTP, DCO, GOOGL, ISIL, KLIC, LGF, LRCX, MPX, NWL, SHOO, TUP
  • 01/28/15 Update AMZN ($304.75, Neutral; $296.00 PT): Earnings Preview: 6 Reasons We Are Cautious Into 4Q Print/1Q Guide
  • 01/28/15 Update GOOGL ($519.39, Buy; $632.00 PT): Earnings Preview: Expect Mixed Q with Slight Rev Upside as PLA and Hedges Should Help but PF EPS Could Miss; Expect…
  • 01/28/15 Update RNWK ($6.75, Buy; $12.50 PT): Previewing Q4 Results; Anticipating Improved RealPlayer Cloud and Games Trends; Expecting Events Highlighting Rhapsody…
  • 01/28/15 Update JDSU ($13.77, Neutral; $13.77 PT): Earnings Preview: F3Q Consensus Estimates Look Risky as the Comm Equipment Industry Remains Soft; Maintain Neutral
  • 01/28/15 Morning Note B. Riley & Co. Morning Notes: AKAM, CL, IIVI, ISSI, JDSU, KTOS, OSTK, PG, PII, RNWK, SIMO, YHOO
  • 01/28/15 Update ISSI ($15.86, Buy; $19.50 PT): Mixed Sales But Gross Margin Increase Looks Sustainable; PT To $19.50
  • 01/28/15 Update YHOO ($51.44, Buy; $59.00 PT): Beats Q, Guides Down but BABA Spin-Off Captures Full Value of Tax Efficiency; Increasing PT to $59.00
  • 01/28/15 Update IIVI ($16.11, Neutral; $15.50 PT): Solid F2Q/F3Q Results/Guide; Raising Estimates and PT from $13.75 to $15.50; Maintain Neutral due to LT Growth…
  • 01/28/15 Update PG ($86.49, Neutral; $84.00 PT): Reducing Estimates Again for FX; PT from $87 to $84
  • 01/27/15 Update PII ($149.13, Buy; $174.00 PT): Robust Sell Through Drives Q4 Beat, Triggers Short Covering; Raising Revenue & EBITDA Estimates, EPS Lower on D&A;…
  • 01/27/15 Update SIMO ($26.83, Buy; $34.25 PT): FCF Features in Q4, Guidance Correlates with our Model but Reins in Top End of Consensus
  • 01/27/15 Update OSTK ($23.05, Buy; $29.00 PT): Earnings Preview: Should See Strong 4Q With Momentum Into FY15
  • 01/27/15 Morning Note B. Riley & Co. Morning Notes: ATNY, IMAX, IPAR, MAT, SIMO, TUP, TXN; January Focus List (BC, EMKR, GME, GUID, ISIL, KTOS, NTRI, PRMW, RUBI), Marine…
  • 01/27/15 Update TXN ($55.00, Buy; $63.00 PT): Robust Print/Outlook, But Real Story Is Upside EPS Case; Buy, PT $63.0
  • 01/27/15 Update ATNY ($1.93, Buy; $3.75 PT): Earnings Preview: Positive FCF in Q4 ’14 and FY ’15 Could Carry ATNY from Five-year Low Hit in December
  • 01/27/15 Update Industry Update - Photonics: 2015 Preview, Not expecting much improvement from 2014
  • 01/26/15 Update B. Riley & Co. January Focus List (updated): BC, EMKR, GME, GUID, ISIL, KTOS, NTRI, PRMW, RUBI
  • 01/26/15 Update B. Riley & Co. Industry Update - Marine (BC, HZO, MPX)
  • 01/26/15 Update DECK ($78.33, Buy; $96.00 PT): Checks point to UGG outperformance; however, currency intensified, ongoing promotional/challenging environment and…
  • 01/26/15 Update Industry Update - Semi+Semi Cap Week #3 Preview: TXN, ISSI, ISIL, LRCX, BRCM, And MCHP On Tap
  • 01/26/15 Update PII ($135.96, Buy; $181.00 PT): Expect EPS Upside Coupled With Typical Conservative Initial Guidance; Fundamental Concerns Overblown; Buy Out of the…
  • 01/26/15 Update DWA ($19.67, Buy; $25.00 PT): Restructuring, Slate Changes and Liquidity Issues Better Handled Out of Public Eye; Upgrading to Buy on Clearer Benefits…
  • 01/26/15 Update KMB ($111.65, Neutral; $113.00 PT): Cutting Estimates by $0.40 Largely Due to FX But Raising PT to $113
  • 01/26/15 Update CSGP ($188.05, Buy; $227.00 PT): New Apartments.com to Transform the Apartment Search Consumer Experience
  • 01/26/15 Update SIMO ($26.46, Buy; $34.25 PT): Earnings Preview: SIMO’s Shipping a Little Sumpin’ SM2246EN
  • 01/26/15 Morning Note B. Riley & Co. Morning Notes: CSGP, DECK, DWA, HGG, IPAR, KMB, PG, PII, PRGO, SIMO, WMAR, WWWW, YHOO; Semiconductors & Semi. Cap. Equipment (ASML,…
  • 01/26/15 Update YHOO ($48.95, Buy; $45.00 PT): Earnings Preview – Expect In Line/In Line; Risk/Reward Still Favorable
  • 01/26/15 Update PRGO ($157.00, Buy; $189.00 PT): Highlights of Meeting with CEO
  • 01/26/15 Update WWWW ($16.90, Neutral; $15.00 PT): Seeing Continued Weakness in Traffic in December; VAS Could be Seeing Pressure
  • 01/26/15 Update HGG ($5.20, Neutral; $6.00 PT): Cost Management And Sales Mix Could Keep 3Q In Black